This book challenges the dominance of GDP as the primary benchmark of social progress and offers a rigorous framework for rethinking economic success in high‑income economies. Drawing on the evolution of welfare measurement—from GDP to MEW, NNW, and the Genuine Progress Indicator—the book critically examines the limits of growth‑centered policy and its implications for wellbeing. Moving beyond conventional market‑failure analysis, the author introduces a novel system and factor approach that addresses observed failures of modern economies alongside pressing global challenges such as climate change, pandemics, and geopolitical conflict. By integrating welfare‑enhancing policies with explicit consideration of welfare‑deductive risks, the book provides a balanced and policy‑relevant vision of societal development. This volume will be of interest to scholars and graduate students in economics, public policy, and social welfare, as well as policymakers seeking practical pathways toward a welfare‑oriented mature society.

Mitsuhiko Iyoda is Professor Emeritus at Momoyama Gakuin University (St. Andrew’s University), Osaka, Japan, where he served on the Faculty of Economics for more than four decades until his retirement in 2014. He currently continues his academic activities as an emeritus professor, contributing to research in economic policy and macroeconomic theory.

Professor Iyoda received his DPhil in Economics from the University of Buckingham (UK) and earned his master’s degree in economics from Osaka City University, following undergraduate studies in economics at Wakayama University. His academic training reflects a strong foundation in both theoretical and applied economics, with a sustained engagement in international scholarly exchange.

His research interests center on economic policy, macroeconomics, post-Keynesian economics, income distribution, and welfare-oriented economic indicators. Professor Iyoda is particularly known for his critical examination of GDP-centered economic evaluation and for proposing alternative frameworks that emphasize quality of life, welfare, and sustainability. His work has addressed topics such as household income measurement, aging societies, and the relationship between economic growth and social well-being.

Professor Iyoda has held numerous visiting and research appointments in the United Kingdom, including positions at the University of Buckingham, Cardiff University, and Lancaster University. He has also played an active role in academic governance, serving as a board member of the Japan Economic Policy Association and participating in national academic evaluation committees in Japan.